The House of Representatives voted 234-190 to pass their "Cut, Cap, and Balance" deficit reduction plan late Tuesday, digging in their heels as the debt limit deadline approaches.

The bill calls for a balanced budget amendment to the Constitution that would peg federal spending to a certain percentage of GDP annually, and states that the debt limit may only be raised once Congress sends such an amendment to the states for ratification.

But House Republicans know they bill has no future, wasting valuable legislative time to make a political statement.

President Barack Obama says he would veto the "Cut, Cap, and Balance" proposal — re-branded by the White House as "Duck, Dodge, and Dismantle" — though it is unlikely he will have to, as Senate Majority Leader Harry Reid is unlikely to bring it to the Senate floor.

Time is now running short — as lawmakers not only must draft and prepare to vote on a bill before August 2nd, but also allow time for the Congressional Budget Office to "score" it. The CBO analysis could take as long as two weeks, Reid warned Tuesday, which could potentially delay a vote until after the deadline.

Obama called on Congressional leaders to begin "talking turkey" today, warning that "we are in the 11th hour." In short, a viable deal needs to be finalized within days if Congress is to vote on it before the August 2nd deadline.

The House vote was mostly by party line, with nine Republicans crossing over to oppose the bill, while 5 Democrats voted in favor of it.